The 15th & Vine development project, a $19.5 million combination of new construction and renovation of existing buildings into an office and commercial building, is now complete in Over-the-Rhine.
Development, construction and city leaders celebrated the 55,000-square-foot mixed-use commercial project on Thursday. The structure runs from 1425 to 1437 Vine St. and also includes 5 W. 15th St.
Sara Bedinghaus, senior development officer with 3CDC, said the buildings that were incorporated into 15th & Vine had become dilapidated after sitting vacant for nearly a decade. Instead of demolishing them, the team was able to integrate the facades of four historic buildings.
The project has 45,000 square feet of office space on four floors, plus 10,000 square feet of street-level retail space. Adam Gelter, executive vice president of development for 3CDC, said they now have letters of intent for all of the office space at 15th & Vine. The building was developed on a speculative basis, meaning there were no signed tenants for the office space when construction started.
“We’re in talks with several great tenants who should move in the rest of the year,” Bedinghaus said.
To get a look at the office space in 15th & Vine, click on the images above. The offices have polished concrete floors, exposed ceilings, an open floorplan and exposed brick.
In addition, the project’s first retail tenant, Sacred Beast, also celebrated its grand opening.
3CDC led the development project and emphasized making it an inclusive effort. TriVersity Construction Co., a minority-owned business, served as the construction manager. City Studios Architecture, a woman-owned business, provided the interior and exterior design work. Many of the subcontractors on the project were also minority- or women-owned businesses.
First Financial Bank provided financing on the project along with U.S. Bank and Cincinnati Equity Fund II, which used New Markets Tax Credits. Travis Likes and Scott Yards in the Cincinnati office of CBRE have been marketing the office space.
Paul Silva, president of First Financial Bank’s real estate and health care group, said after meeting the team working on the project, he knew the bank should take the risk to invest in it.
“This thing is going to work, it’s needed,” Silva said.
I recently wrote about the addition of hundreds of thousands of square feet of office space in Over-the-Rhine and how additional office workers will help the historic neighborhood.